Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for indiasian

HARP 2.0 refinance interest rates

We have a 30 yr mortgage @5% interest plus PMI with 4 yrs into it.
Loan currently with Wells Fargo. Excellent credit and payment history.

We would like to refinance under HARP 2.0 which we do quality for. Should we go ahead with Wells Fargo (as they have approached us to refinance under HARP) or could we get a better rate somewhere else? Any one here? Since we can refinance under HARP only once, we want to make sure that we get the best option/rate for us.

Thanks!
  • January 21 2013 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (7)

Profile picture for joekarns
If you have PMI on the current mortgage, you'll need approval from the PMI company to transfer it to the new lender, or, you can try and see if it would make sense for the new lender to try buying you out of paying PMI (depending on how much under water you are) on the new loan and building that fee into the rate.  If you are at 5% right now and you can get down to the 3's, this may make sense for you.  Talk to a local mortgage (hotlink deleted by Zillow moderator) professional and see how they crunch the numbers.  

The key is trying to tackle that PMI issue one way or another.

Good Luck!
Joe
  • February 01 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for MortgageWholesale
[Promotional content removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
  • January 24 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Go through a local broker or correspondent lender, stay away from the big guys. I take loans like this all day close them in less than 30 days, usually can get you with the same big bank you are working with, and at a lower rate.
  • January 22 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

True that going direct to a Wells or a Chase will take much longer to get the loan closed than going to a company that does correspondant or brokering.  Our turn times are under a month right now.  I would be happy to give you a quote, we lend nationwide.

Regards,
Brynn

  • January 22 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The same services version of HARP does offer some looser qualifying characteristics. If you can qualify for the new servicer version you can offer secure better terms and expect a faster closing compared to the large banks.
  • January 21 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Wells is one of our lenders of choice, but dont always have the best rates and turn times are rough going direct. We are over staffed so we can closing loans in 2 to 3 weeks right now. If you want another quote Il be happy to help as well.
  • January 21 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

it would pay to shop around.  Wells is swamped with calls right not and the process is taking a long time.  Plus no guarantee that you are getting the lowest rate.  If you would like to contact me through my profile, I may be able to help out
  • January 21 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.